The largest cluster of open interest for ether options is currently $5,000 calls for the end-of-June expiry — indicating a bullish outlook with traders using call spreads between $4,000 and $5,000 to position for potential price rises, analysts said.

"When we examine derivatives data, we notice that the highest open interest for ether is currently in the June $5,000-call option," SynFutures co-founder Rachel Lin told The Block.

This observation is supported by data from the Deribit derivatives exchange, which show the largest concentration of ether options open interest is calls at a strike price of $5,000.

Bullish call spreads for end-of-June expiry

According to the latest analysis of options distribution by QCP Capital, data indicates a bullish outlook for ether in the next month, …